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Optimal Voucher Privatization Fund Bids When Bidding Affects Firm Performance

  • Barbara G. Katz
  • Joel Owen

Voucher privatization has emerged as a feature of the transition in post-communist economies. While the choice problem facing voucher holders is strikingly similar to the conventional portfolio choice problem, the voucher portfolio problem (VPP) has two important distinguishing characteristics. First, the proportion of ownership that will result from a given voucher bid for the shares of a firm offered for privatization is unknown. This follows since a pre-auction share price is lacking and knowledge of other competing voucher bids is not available. Second, the performance of the privatized firm will depend on the composition of ownership, and, as a consequence of the first characteristic, cannot be known at the time a voucher bid is submitted. In this paper we investigate the VPP when these characteristics prevail and when the bidders have various skills in managing and restructuring firms in which they have acquired ownership shares.

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Paper provided by New York University, Leonard N. Stern School of Business, Department of Economics in its series Working Papers with number 95-20.

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Date of creation: Nov 1995
Date of revision:
Handle: RePEc:ste:nystbu:95-20
Contact details of provider: Postal: New York University, Leonard N. Stern School of Business, Department of Economics, 44 West 4th Street, New York, NY 10012-1126
Phone: (212) 998-0860
Fax: (212) 995-4218
Web page: http://w4.stern.nyu.edu/economics/

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  1. Philippe Aghion & Olivier Jean Blanchard, 1994. "On the Speed of Transition Central Europe," NBER Working Papers 4736, National Bureau of Economic Research, Inc.
  2. Boycko, Maxim & Shleifer, Andrei & Vishny, Robert W., 1997. "Privatizing Russia," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262522284, June.
  3. Maxim Boycko & Andrei Shlelfer & Robert Vishny, 1993. "Voucher Privatization," University of Chicago - George G. Stigler Center for Study of Economy and State 85, Chicago - Center for Study of Economy and State.
  4. Roland, Gerard & Verdier, Thierry, 1994. "Privatization in Eastern Europe : Irreversibility and critical mass effects," Journal of Public Economics, Elsevier, vol. 54(2), pages 161-183, June.
  5. Barbara G. Katz & Joel Owen, 1993. "Designing an Optimal Privatization Plan for Restructuring Firms and Industries in Transition," Working Papers 93-24, New York University, Leonard N. Stern School of Business, Department of Economics.
  6. Blanchard, Olivier Jean & Aghion, Philippe, 1994. "On the Speed of Transition in Central Europe," Scholarly Articles 4481322, Harvard University Department of Economics.
  7. Laban, Raul & Wolf, Holger C, 1993. "Large-Scale Privatization in Transition Economies," American Economic Review, American Economic Association, vol. 83(5), pages 1199-1210, December.
  8. Katz Barbara G. & Owen Joel, 1993. "Privatization: Choosing the Optimal Time Path," Journal of Comparative Economics, Elsevier, vol. 17(4), pages 715-736, December.
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